Global Sources Reports Higher Profit (GSOL, TSEM, PBH)
Global Sources Ltd. (Bermuda) (NASDAQ:GSOL) reported first quarter revenue of $38.9 million, as compared to $37.5 million in the same quarter last year. IFRS net income was $3.1 million or $0.09 per diluted share, as compared to $3.5 million, or $0.10 per diluted share in the year ago period. Non-IFRS net income was $3.7 million, or $0.10 per diluted share, as compared to $4.1 million, or $0.12 per diluted share, for the first quarter of 2011.
Looking forward, the company expects first half of 2012 revenue to be in the range of $104.0-$106.0 million, IFRS EPS to be in the range of $0.31-$0.34, Non-IFRS EPS to be in the range of $0.36-$0.39 and adjusted EBITDA to be $17.7 million.
Tower Semiconductor Ltd. (USA) (NASDAQ:TSEM) reported a first-quarter net profit excluding one-off items of $32 million, as compared with $30.4 million in the 2011 period. Revenue rose 39% to $168 million. In February, it forecast revenue for the first quarter of $165-$175 million.
Looking forward, the company forecasted second quarter 2012 revenue to range between $163 and $173 million, with mid-range representing 20% growth as compared to the second quarter of 2011.
Prestige Brands Holdings, Inc. (NYSE:PBH) posted a fourth-quarter net loss of $15,000, as against a profit of $6.41 million last year. The company reported a breakeven per share for the latest quarter, versus a $0.13 per share profit in the earlier year period. Adjusted earnings per share from continuing operations in the fourth quarter would have been $0.26, versus $0.18 a year ago. Revenues increased 39.1% to $134.0 million for the quarter. Analysts expected earnings per share of $0.23 on revenue of $133.15 million for the same quarter.
Looking forward, the company expects fiscal 2013 adjusted earnings per share in the range of $1.22 to $1.32. This estimate excludes costs related to the GSK acquisition, and related Transition Services Agreement and integration costs, and costs related to the unsolicited Genomma Lab offer. Analysts project earnings of $1.27 per share for the full year.